Radiant Cash Management Services Limited

Radiant Cash Management Services Limited is a cash logistics company that was incorporated in 2005 and is led by its founder, Col. David Devasahayam, along with Dr. Renuka David. The company built its business around retail cash management, a segment that involves the collection, processing and delivery of cash on behalf of banks, financial institutions, and organised retail and e-commerce businesses across India. The company runs an extensive pan-India network reaching well over ten thousand pin codes through tens of thousands of touchpoints, supported by a workforce of close to two thousand employees. Its client base includes several of the country's largest private and public sector banks, among them Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, State Bank of India, HSBC and Yes Bank, alongside foreign banks such as Citibank and Deutsche Bank. The company positions itself as a leading player in the retail cash management niche, benefitting from the continued reliance on cash transactions in India's smaller towns and cities even as digital payments expand. Over the years leading up to its public listing it reported steady growth in revenue and profitability, with total income rising from roughly Rs 224 crore in fiscal 2021 to close to Rs 287 crore in fiscal 2022.

Ahead of the public offer, the company raised about Rs 116 crore from 16 anchor investors who were allocated roughly 1.18 crore shares at the upper end of the price band. Participants in the anchor round included domestic institutional names such as HDFC Trustee Company and Aditya Birla Sun Life Trustee, alongside other mutual fund and portfolio investors.